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, the economy will drive housing. >> what are you expecting elsewhere in terms of regulatory environment. we're all wondering how dodd-frank plays out, we're all wondering how the vocal rule plays out. what if it materializes and forces a separation from proprietary trading? >> that's not the vocal rule. >> proply terietary trading -- >> no one is doing proprietary trading. i always remind the public we have the best capital mortgage in the whole world. i'm not opposed to the intent of the volcker rule. we have the best markets in the world. so market-making, we serve 20,000 customers. we give them great prices. they come to us because we give them a good price. just like walmart gives you a good price. and we do a lot of it, you know. that's a good thing. it keeps the cost of issuance cheap for retirees, pensions. >> in terms of the federal reserve, how do you offset this difficulty in terms of making money in such a low-rate environment. >> i keep on hearing that the banks are a benefit and subsidized. you're more right. it hurts us more than helps us. so we've told the world it squeezes o
kangaroos. ♪ chevron has been developing energy here for decades. we need to protect their environment. we have a strict quarantine system to protect the integrity of the environment. forty years on, it's still a class-a nature reserve. it's our job to look after them. ...it's my job to look after it. ♪ >>> welcome back to this "kudlow report." we're all used to financial titans squaring off but it's usually in a board room, not a cable television. a long standing grudge between bill ackman and icahn turned into a slug fest. and bobby jindal said the republican party needs to grow up and start being the stupid party. >> the fbi reports they are investigating senator bob menendez on accusations he purchased prostitutes and attended sex parties in the dominican republic. he has rejected this party for months and much of this story frankly is still unconfirmed. joining to us explain the allegations and the newly surfaced evidence, executive editor at "the daily caller." what is the new evidence that has emerged? >> about 36 hours ago we received a cache of documents, about 58 pages of e-mai
environment sn environment. >> you know, jackie just mentioned coach. you will bring us through some winners and sinners too. >> everyone is in on this trade. the last five years haven't been the best on the 50e cannot my but a little retail therapy helped investors along the way. since 2007, three of the top ten of the s&p 500 are consumer discretionary companies. also, making up nearly half of the 42 component that have doubled in that time period with those bar bell retail traids providing investors with the highest returns. discounters including ross stores, tjx, dollar tree and family dollar, all gaining a hundred percent or more since the october 2007 peak, but so too have ralph lauren and fossil on the high ends. on the dow, home depot come in as the top performer. wal-mart number four. so home depot and wal-mart are two that are up double digits. consumer discretionary groups, both leading the broader s&p 500. but the bulk of retail earners are yet to hit the tape. that could change everything. especially after a sneak peek. sweel if this trade gets to rally or not. >> nice winners a
. in that environment where credit is not expanding where you had cash flow impairments you've had a one quarter delayed significant reaction. >> i'll give you a maybe on that. i'll give you a maybe on that. here's what i want to talk about also. brian kelly, transports, transports, 1.7% up today. 10% up year-to-date. i'm very old-fashioned. i like the dow theory. if the dow is rising and the transports rising. what does that mean? to me that's bullish for the economy. >> if you look at some of the trucking names. normally take out the airlines. the airlines have done quite well if they reduced capacity although if you look at some of the reports i think it was u.s. air, but i believe they said that some of their seats were down a bit even though they cut capacity. that was a little bit of a warning sign. even on trucking side it was okay. but now as a trader and investing in the market you have to hook six months ahead. what will happen coming down. we know everything is done well. we know they are up 7%. what's the next move. that's where you get concern. >> we look at the leading indicators. pmi from
environme environment, sue, we are talking about slow growth in the economy, slow growth in earnings. in this kind of environment, you have to be tough on price, really tough on your entry point. and as i see it, we are a little bit overvalued and there is widespread optimism. you heard it in prior hour, a lot of optimism. i think quite frankly, what we need now and i hope for, cross my fingers, is about a 10% correction so we get to a level where stocks once again rep represent good value. i have a problem on value now. >> do you have value, jim, do you agree or not? >> i don't agree. i don't agree. i think what is most likely going to happen in the market, and i know a market up 12% in two month says very difficult to do. i think the most likely scenario as this market keeps grinding higher, keeps grinding higher, tempting people on the sideline. i think the biggest theme here is sideline money that could be put to work by people who feel that they are missing the prty. we grind higher with a couple occasional skips higher. am i nervous? absolutely i am. the vix, as you've seen, ra
, more nationalism and an economic environment that people are not totally pessimistic, but i think they expect to see more going forward. >> an thonenny jenkins from barclay's. good to see you. thanks for joining us. pick up with barclay's. what are the expectations of what they're going to do with that transformation and job cuts? but he clearly made the point. he said when we had strong revenue growth, the banking system as a whole didn't have to worry about cost. now we've got the right costs for the new environment we're in. and is this a cross to the board picture? >> definitely. banking ultimately is such for the underlying economy. so i think it doesn't take an economy to tell us that the next couple of years is going to be choppy and not the growth we've had for the last 20 years. banking has to go back to basics. fist, think about your revenue and cost base. here on the cost base, huge improvements. they've always been unmanaged because the revenue is growing so, you know, clearly matched to pay people twice as much as we have to. today, people working from i.t. to legal t
, the impact is stronger because they're less affected by the direct environment. >> are we enter ago harder market? which is to say can insurance companies start to raise premiums across the board? >> it varies a lot by line of bit in my country, but certainly post super storm sandy there will be hardening of rates. in the uk, though, with the rates going down, even though motor has been not that profitable -- >> why is that. >> because the competition is a pretty competitive environment. >> and we had changes in the motor race, though. we've had a big eu change on the agenda. >> yeah. >> we don't know how that's going to come out in the wash, do we? >> that changes things around. but in the short-term, it does mean that the markets are a little more volatile and it has been a sizable change. >> it's just unfortunate to some degree that these natural disasters which affect many people and are stressful events to live through then cause insurance premium toes rise, which sounds like that's what's happening in part of the u.s. >> it varies, but long-term insurers will look to make profit over
their environment. we have a strict quarantine system to protect the integrity of the environment. forty years on, it's still a class-a nature reserve. it's our job to look after them. ...it's my job to look after it. ♪ >>> welcome back to "the kudlow report." i'm larry kudlow. in this half hour the house passes a bill to suspend the debt ceiling but the spending sequester cuts are still set to kick in on march 1st and i hope they do. now house speaker john boehner says president obama is out to annihilate the republican party. we'll talk about all that with new hampshire senator kelly ayotte and our political panel in just a few moments. >> also, big time golfers phil mickelson, tiger woods, lebron james and derek jeter are all supply siders. we'll explain that later this hour. >> i wasn't involved in the talking points process. as i understand it, as i've been told, it was a typical interagency process where staff, including from the state department all participated to try to come up with whatever was going to be made publicly available. >> that of course was secretary of state clinton today
slowly. revenue is still growing rather slowly but still a pretty good environment. >> all right. here we go. the first of the earnings out from microsoft. we were expecting 75 cents. came in at 76 september, beating by a penny. the revenue was expected to be 21.53 billion. we got 21.46, so a little light on that. let's bring in our guests. max wolf from green press capital and david pearl next tomakers executive vice president and co-chief investment officer and jon fortt, anything to add on what we're seeing so far in the early statements of the microsoft report with stock up half a percent? >> yes, i've got a breakdown. >> 32.5, $1 billion on revenue is what we're getting on at&t right now and 44 cents for the eps is what we're getting for at&t as opposed to the expectation of 45, so it looks as though revenue was a little bit higher than exed, but looks as if the eps was one sent shorter than expected. we'll get back to microsoft right now and talk more about at&t earnings in just a second. >> don't you love it when they all come out at the same time. >> why can't you corporate guys c
in that environment? okay. retail sales weren't that bad. but they nose dived right at the end of the quarter. retailers were afraid to restock inventory figuring that spending would drop off the cliff right along with the nation's finances. it was all in all a very bad time for our nation. now, overlay the storm of the century for the northeast. one that shut down the wealthiest area of the country for several weeks and caused what ultimately may be $100 billion in damage. you had the physical shutdown from the storm neatly and miserably dovetailing with the mental shutdown caused by washington. the result, the abysmal and artificially reduced gross domestic product number we saw today. most money managers are fixated on that top-down analysis. they look at those numbers, they care, they correctly detected the secession the business in this country was undergoing. they pulled in their horns because of it. some cases, dramatically. i understood it. say we came in to 2013 over the fiscal cliff. i would say the vast majority of money managers out there believed we could be down 5%, 6%, 10% on t
's your take on the regulatory environment. it seems the financial services over the last couple of decades has been riding a wave of positives. deregulation, globalization. going forward economies are looking inward and regulation is only getting tougher. >> a lot of those customers you're talking about are our biggest customers, a lot of those financial institutions. as long as they are going to be facing a head wind like that, you see a cut on volume, too. they have fewer strategies they're carrying out because of all the capital charges. what i heard yesterday that i think is the biggest issue is not the breadth of the regulation, that's to be expected after a crisis, the problem is the lack of consistency across different jurisdictions. we all run international companies now. if you start to have the different regimes in different markets, it's almost impossible to run a business that way. i think that's what we have to struggle through still. that's going to be a head wind for a while, i'm afraid. >> you've got a lot of regulators in europe, in the u.s., and they're all wan
still being a drog for your business? >> you know, it certainly doesn't help that the environment here has been very difficult. there's a huge swing in sentiment over the last three or four months. the sentiment is ahead of reality at this point. but in terms of the pick up of our business, it's been meaningful and the first three or four weeks of this year have started very, very strong. >> mario draghi was there talking about banking supervision, largest banks will be supervised from frankfurt in the ecb. how does that all impact your european union? >> well, the direct impact, of course, is limited in as much as our principal regulators and supervisors are in the u.s. of course, we do operate in all of these markets and, therefore, our local units do have supplies by local rules. that goes without saying. i think the key issue is that regulatory certainty and stability and a revival testament in europe benefits the sector, benefits the markets and certainly, therefore, will benefit us indirectly. but i would say the direct impact on what we do day-to-day is somewhat limited, of cour
are this low. perhaps he needs yields to be higher to say he was forced to do it. in this environment it's not going to happen. >> to bring you back, is there any sense at all that the full in borrowing cost for the spanish government is going to feed through into the wider economy? i spoke on friday to the economic affairs minister. he told me this is what's going to happen -- now that borrowing costs are down it will feed through to the real economy. do you think that's going to happen or not? >> i hope yes because really we need some new measures. and we need some help to keep on growing again, as i was saying before. really, the -- what's going to say prime minister to all the investors. we have problems in the banking system with banking as you tell before. we have problem with the bank, and we need to -- a solution, to solve. with the meeting this morning with the president of the euro group, mr. junker, not tell any news about how will be the new measure. we are waiting and waiting and hoping that the new measures could be really strong, could be really positive. almost -- almost
really see an environment here where it's really going to be a golden age for individual -- >> like which ones? >> stock selection and active managers. >> pin it down. give us some names. >> okay. well, we like the theme of oil by rail. trinity industries which makes cars that move rail. we like a derivative of the housing recovery briggs & stratton. we also like names where there is kind of secular growth opportunities and we see a shoe carnival as a small retailer regardless of what happens with the consumer we think they can really grow their store base and do it all organically. >> got it. >> shoes on a ship? >> shoe carnival. >> marc travis does the dow get back to the record high in the next week or next week or two and then what happens? >> you know, i would hesitate to annualize up 6% for january. you know, i'm like eric. i'm searching for equity securities where there is a discount between price and value. i would differ a little bit with eric in the small cap space. if you look at the russel 2000 it trades at 16 times operating income. the inverse of that is 6.25, which to me th
of wait and see. what's the environment going to look like before businesses really get aggressive in business development. i think that could weigh in going forward. the other would be interest rates. >> jeannie you've been keeping your investors through stock during that battle over the fiscal cliff. are you expecting another battle of the debt ceiling? >> we love the stock market last year. yes, i don't think the battle is going to be as brutal as the last-minute fiscal cliff negotiations. but i do agree that the year will probably start out a little slow because a lot of plans were put on hold in the fourth quarter. but look. so far 70% of the companies that have reported earnings over the last couple of weeks have been above expectations. so that's a good trend. we think gdp will build as we go through the year. and so we continue to like this market. you have to be a little cautious when the dow is with i think 2% of its all-time record high nap is amazing. that is really amazing. >> wow. looks like we got a blowout here on yahoo. let me get you the numbers here. 32 cents a s
normal level. >> bottom line, what do you want to do with your money in this environment? do you want to continue on this train of buying stocks or look at it and say, okay, maybe these fundamentals don't add up? >> stocks are still cheap relative to earnings where interest rates are, should be selling would have their proper valuation. i think stocks are 15% to 20% below where they should be? >> nathan, do you agree with that? >> i increased my stock position by 5%, maria. still watching my bonds. there's not much left in bonds. you can only squeeze so much out of this turnip, so you have to look at your bonds and shorten your duration, for sure. >> thanks, everybody. >> yeah. >> okay. >> good conversation. >> never mind. >> it's crazy to say that the -- that the fed is killing the economy with $85 billion in the printing press and stocks are 15% undervalued. i'd love to put those two thoughts together. >> all right. >> you said we're out of time but i'm always ready. >> give me one last point and we'll move on. >> we all have to understand we can look at the micro on everything that
of the year because we're going to be in the slow growth environment all year, and that's what is kind of freaking people out about yesterday's gdp number. >> if that's the environment we're in, how do you allocate capital? >> the big issue is we went through the fiscal cliff, big resolution, exceedingly narrow and a lot of complacency now as people are going in. we still have to get through march, and march is now a lot worse than december was. we've got to get through the new sequestration date on march 1st and got to get through a continuing budget resolution on march 27 and guess what? that's the only place the republicans have any power in this negotiation, and they will probably push a little bit of brinksmanship. >> speaking of sequestration march 1th, they are the ones getting killed, the downside leaders and still decent numbers out of northrup drummond. >> you still didn't tell us how to al gate capital. >> we are long equities, but we have put protection on our equity strategy. in essence, we're long calls. when you put all of that together so that you can participate in the
place on earth and put millions of people to work including in a more secure environment. we are barely scratching the surface of natural gas use. there isn't enough natural gas to sell cars in this country. what a sad set of circumstances. stick with cramer.
of the environment for a housing ipo, this could be a very good day. already, they had to increase the size of the offering they prize above the range, $17, putting the valuation of the company more than $500 million t is going to trade at the post right behind us, we will get the inside scoop on where this thing looks like it will open. >> california this is a california home builder, san francisco area. also southern. look, when you go to the website, they are selling them like hot cakes. >> single-family homes. >> what does that say? california home builder going public? >> my, how far we've come. >> pulte's down, jim. >> pulte is down, jim. >> thank you. thank you for that wet blanket. that wet electric blanket. >> a wet signed blanket. >> anything else you need me to tell you? >> whatever you want. >> speaking of housing, we are going to talk to fettig from whirlpool in the 11 this morning. pricing is getting better but volume is not matching at all what new homes are doing. >> surprising, low single digits, the companies make a lot of money. they have got trade rulings that are their
environment for stocks. stocks fell 10% to 15%. >> but still we've had people say that we can still do 4%. that that's just normal. that's just normalized -- >> over time. >> long-term yield. there would be some trepidation initially but that's not going to be something that would -- >> -- health environment -- >> >> we're going to get a lousy gdp number. >> but that should be backward looking. hopefully the market knows this is in the past, this isn't now. i think all the sentiments this week we have them from every country i think except japan business sentiment surveys coming out. that's a much more forward looking indicator. we're going to be watching that and housing. those are going to drive things as well as talking about earnings. we have 20% of the week. that's going to be a lot -- >> -- of the earnings season. now is when stocks usually begin to slide after a 4% rally in the two weeks before and al alcoa we could be hitting a rough patch as well. >> you've got a big lump money and you're like -- >> you're -- >> yeah, exactly. >> crazy like a fox. yeah. >> the minute we get 5% y
. a portfolio that does well in different environments. so much of the driver of many asset class returns is based on how events actually transpire relative to expectations. so there's a certain discounted growth rate in equities. there's a certain discounted growth rate, certain assets. you can look at what's priced in. and then what happens is, you need to have environments a quarter of your portfolio, in assets that do well, when growth is faster than expected. or, a quarter when it's slower than expected. a quarter when inflation is higher than expected and a quarter when inflation is lower than expected. so you need to create a good structured portfolio, then you can make your bets. but this is a whole conversation on how to invest. >> here's a question just about bets. you know, you're making the argument, and explaining the need to have a diversified portfolio. but most people have diversified portfolio follow the market. meaning, whatever the s&p 500 is ultimately you're going to be up or down, somewhere around there. you, and some of your peers consistently outperform the market.
to the broader manage crow environment, much more -- >> like what? >> the commodity environment we saw the last few years. certainly a better environment from a foreign exchange standpoint. multinational company earning profits. >> forex. and europe is better? >> europe, northern europe is pretty good. southern europe is still a challenge, because your previous guest would indicate. >> all right. you don't sell a lot of soap in certain countries over there. no, i'm kidding! i don't mean to -- i don't mean, you know, deodorant in one country in particular. let me think, anything else, jon, china? how's asia? >> asia is good. china is good. we grew high single digits in china. we expect that to accelerate as the year progresses. so generally our developing market business is very healthy. we grew 7% overall. 11% in the brick markets. over 20% in brazil and india. so that continues to be where a disproportionate amount of growth is coming. at the same time we're strengthening our develop market business which is starting to accelerate a little bit. >> thanks, john. hope to see you again next quart
% per year. all right? so higher rate environments don't necessarily mean, or not mutually exclusive of positive and constructive equity market returns. >> charles, i want to ask barry the same question after i ask you, but i would -- give me a number on where you think it would hurt? because i could see, i could see all the way up to 4.5% being construed as a positive. which is still such a low historical number for a ten-year, for whatever, i could see where that would help savers, it would help, you know, the return on some pension plans, and it would indicate economic growth much better than we have right now. it's something that japan wishes they had for the past 20 years, because it would at least indicate some economic activity. i can't even imagine it would be a headwind all the way up to 4.5% or 5% for equities. i don't know about the mortgage market. what do you think, charles? >> it's not just the absolute level, joe. >> but years from now, two, three years. we're going to get back there eventually, right? >> eventually i think we will. and i think if the path is a control
secure environment. we are barely scratching the surface of natural gas use. ford admitting there isn't enough natural gas infrastructure to sell nat gas cars in this country. what a sad set of circumstances. stick with cramer.
of the pressure of lawsuits, pressure of the regulatory environment, the cost, what should investors expect in terms of that pressure this year? can you say that's behind or still dealing with these things? >> we still work through lawsuits on mortgage-backed security side and other areas. but compared to what we have gone through the last few years, it is largely behind us. >> have you been surprised at the move in your stock as well as the interest in banks over the last year? >> our stock was up over 100% last year and that's, you know, i think was a performance reflecting in the capital and the uncertainties around capital levels and things like that, that came through during the year. but we got the best franchise in the business. we have great earnings power. it has been covered up and you see the last couple of quarters, by putting away a few of the things that happened in the past. we're very confident that as that comes through, the people see the value in this company. >> we'll be watching eagerly. thanks very much. >> thank you. >> we appreciate it. brian moynihan joining us. car
will fight a rising ten-year yield environment. we're now 197. at least as of close of business yesterday. by june, a little above 2%. by the end of the year, 2.13%. not a lot. that may be one of the ropes why wall street is not so optimistic about stocks. it's got to fight this rising treasury yield. we'll see later in the afternoon that they're more optimistic about growth. they finally increased the gdp outlook but not by very much. let's look at what wall street thinks of the effect of this quantitative easing will have. pessimistic as they have been each time we asked this question about the ability of quantitative easing to lower unemployment. only 34% say qe will help in that regard. how about when it comes to lowering mortgage rates. a little more optimism. 54% versus 42%. bond yields, evenly split, 47%, 47%. but what can qe do? it can raise stock prices. 69% say it will have an effect on raising stock prices. we want to move on now to the next bit of the survey. when will the federal reserve hike rates. these are two distribution charts. it shows where the percentage of responden
normal seasonal guidance out of respect for that environment. and what really happened, the sequential story is very, very strong. the numbers you talked about included some m&a, but we were ahead of normal expectations, particularly on you are i.t. business. and what i would tell you is there was certainly a factor of that delay and deferral we talked about in september that actually came in strong in december. >> well, look, you go over the conference calls pretty extraordinary. you talk about europe. you say a lot of it's eastern europe, uk and germany. i mean, there has been weak demand for two years, but demand grew 20%? how is that possible? >> no, it was aided by a acquisition we closed early in the quarter overall. what i would tell you is on an organic basis, our european computer business is still down double digits year-on-year, though. >> that's fair, but you did say positive things about how this month's going. for your company and also that inventory's low, which i think is a great tell of 2013. >> well, we were very proud of the cash flow for the quarter and, of course,
. to me what people don't realize is what the environment's just plain gotten better. think about the guests i had on the show last night, rick hamada the ceo of avnet. when izz his company reported he had very little o'good to say. rick came on the show and said that business was fundamentally sound and his company came in and was buying stock hand over fist after being out of the market when the stock was higher because it was now such a terrific opportunity in the high 20s. sure enough the report yesterday and it was terrific and yes the stock's down 35 and change. well above where it was before the previous shortfall. the moral of these stories this market forgives, forgets, and then goes higher. which is why most of the weakness you see in individual stocks are indeed b.o., buying opportunities. and boy, this b.o. smells good.
it, a goldilocks consistent and steady gdp growth. earnings growth. and that's a great environment for stox. now, the key thing is this whole notion with respect to when investors will be selling bond funds into equity funds. let's not get too excited. we had strong inflows in january of 2010 but that was after a double digit advance in 2009. some could be asset allocation. needs to see all of this develop over a longer period of time. not just because stocks were up last year. >> are they going to be pushed, though, by the fact that you have rates going -- i mean 10-year yield is at 2%. the investors are already being pushed to find something somewhere. >> here's the trigger. when liz ann's clients at schwab open up and see a negative sign to their bond fund that they purchased in 2012, that will be the impetus. when they see and feel that they're losing money in the -- >> that it hasn't worked. >> they're losing money. they weren't supposed to lose money. that was supposed to be their safety net. when they feel that pain, that's when you'll see a more concerted effort. >> is that
and what doesn't in initial public offering. granted, the environment's gotten better. but there are many things we can learn from what happened in 2012. first of all, as difficult as last year may have seemed at times, the overall ipo market was pretty darn robust. in terms of price appreciation, the public company was up 20.5% versus 13.4% gain, the s&p 500. in 2012, ipos gave you an average first-day spike, that's not too shabby. however, while the general direction was up, it was a major divergence within 2012's cohort. a lot of winners and quite a few losers too. what separated the winners from losers? what made the difference between an ipo that popped huge on the first day of trading and kept running and one that did a big fat belly flop? simple, one word, growth. last year the ipos with real sustainable unquestionable growth were the best performers. and this is a dynamic that only continued in 2013 where the market's appetite for growth cannot be sated. consider 2012's best-performing ipos. top eight performers each gave you at least about a double. it's an important list, people
the course they are going on, low interest rate environment and a big demand for credit so everything is right where it needs to be for this market to continue to grow here a little bit. also a little bit of a short squeeze and more importantly, scott, a performance squeeze, right? guys getting left at the gate here a little bit january. starting to fall behind on the performance and underperforming on the s&p, will worry about redemptions and those kinds of things. do i wait for the dip or get involved and a lot of people are saying i can't afford not to be involved in this market right now? >> hole, we're looking at the bond market today and sitting right about 2% or so on the ten-year. what is the level that pushes people in large numbers out of treasuries and into stocks in a meaningful and noticeable way? >> well, i think we've already seen some of that and clearly this 2% level, if you start breaching that moving higher, i think you're going to start seeing more money into treasuries and the equities. however, i would argue from a risk/reward segment that now is the time to buy
today shows the private economy can grow in that kind of environment, just like all over the world. lower spending, good for the economy. >> you're right. bob, you recently wrote a piece suggesting allowing rates to rise without tightening monetary policy. how does that work? >> well, i'm not sure it would work. at the december minutes of the last fomc meeting or the next to the last one now, seemed to treat interest rate policy and quantitative easing separately, and the implication was we'd have lower interest rates for a lot longer than we would have continued quantitative easing. i just think the economy would be healthier if they would do the reverse of that and allow interest rates to tick up a little bit, allocate capital a little more effectively, but using quantitative easing, not let the money supply shrink. keep it growing slowly. >> do you think we are going to see a spike in rates? markets will push rates higher at some point? when would you expect rates to start moving up, bob? >> oh, well, when the economy starts showing a lot more health than it is now, and if infla
? the fed has created this environment where there are not that many alternatives, to you know, multi-nationals that pay dividends. >> that's 100% true, so when you look at it, you have 3% dividend payers versus a 2% ten-year, especially in a market that's going up. seems like had a no-brainer. people will look to put their money there, and i think institutions are starting to look as well as retailers, starting to look at that trade and putting their money to work in the equity market. >> so, let me ask you this, shawn, because we're looking at really a fundamental change happening across wall street. we know that investment banks are slinking. compensation is down, and yet you're expanding, building up your investment bank. what do you see that perhaps others don't? >> well, there's a structural change in how the finances services landscape is going to appear over the next five to ten years so larger institutions clearly having to deal with regulatory issues, cost of capital has gone up. from our perspective we're getting in and taking advantage of that and building out our franchis
of the slow interest rate environment. we pulled a lot of levers in our liability side, lowered our cost of interest bearing deposits and liabilities and also grew loans, which has been helpful. >> we've been very bullish on "mad money" on the midwestern region because of the resurgence of manufacturing. you think some of your strength also comes from the fact where you're located? >> i will tell you absolutely this regional economy in the midwest and extending up into the northeast where we have a significant part of our franchise is what i was called first in to the recession and first out. we've seen industrial and manufacturing come back strong and we're well-positioned to not only blend into that but really capitalize on a wide range of opportunities there. so that has been a real growth area and a strength for us. >> okay. now this morning, bernstein research, in a piece i didn't care for but i wanted to get your response. they took key from a hold to a sell saying that it would probably be difficult for you to make as much as you did this year next -- as much as you're going to do
. basically we are looking for whether or not microsoft can actually do well in this post pc environment whether or not their mobile strategy and windows strategy can come together and be relevant in the post pc era we are living in. >> a lot of people who owned microsoft for a long time have to wonder, when is this stock ever going to perform. do you have an answer for that? >> again, it just comes down to whether or not the company's windows franchise could survive in the post pc era we are living in. their chances are pretty bleak. they do have, just like other people pointed out, they have a good strength in the enterprise business but the stock is really about, again, contraction in the consumer market, especially around the windows franchise. that is heavily what is driving their profit for the company. >> dihear you just say that you think the future of their platforms are pretty bleak? >> well, that's how the stock is reacting right now. you know, obviously they do have some chances here and there. again, they do have windows phone 8 that's out that seems to be gaining some tract
. in today's environment, when you're running your operations at 50% of capacity, do you really think you're not going to be competitive? >> please join me in welcoming our 44th president to peoria. >> president obama visited caterpillar to promote the stimulus package. but jim owens said that even with the stimulus, he may have to lay off more workers before seeing a turnaround. and he told us any gain from domestic spending may not be enough if "buy american" triggers a global trade war. what happens if all these countries that sell steel to us-- china, russia, brazil-- say, "okay, well, we're just not going to buy caterpillar products; we're not going to take in john deere products; we're not going to take in g.e. products"? >> the only trade war that's going on is being waged on us. and when you don't hold people accountable for playing by the rules they agreed to, that have access to your market, you're basically saying anything goes. that's garbage. that's baloney. and the american people won't stand for it. >> the "buy american" provision in the 2009 economic stimulus package requi
in europe. here is the outlook from cfo bob shanks. >> the environment there continues to be very, very tough. we do think, perhaps, it's a trough in '12 and '13 but we'll have to wait and see. >> that's the bad news. the good news for ford continues to be in north america. look at the profits, $1.872 billion in the fourth quarter. that's almost a billion dollars more than the fourth quarter last year. profit margins above 10%. that's impressive especially in an auto industry where 7 and 8% in north america used to be considered good. what's driving north america, stronger pricing, stronger sales. the profit margins, however, this is one thing that concerns people, the profit margins are expected to stay level in 2013, not grow in north america. still over 10% is impressive for a company a few years ago had no profit margins. >> very good point. phil, thank you. twinkies, one step closer to a new home. private firm apollo and metro polos a looking at a deal to buy from hostess. they are reporting that bid will be more than $400 million. so far everyone involved has declined to comment.
interest rate environment -- i don't think we're done with it yet. i don't know how high the ten year will go. it touched 2%. can it go to 2.25? i don't know. i think that the low interest rate environment is not over for the long end of the market. i think that there's a possibility that we haven't even seen the low on the ten-year yield. you know -- >> what? >> a lot of stuff has to happen for that. >> nothing good. >> well, probably nothing good. no. i think we are reacting, you know, part of the -- one of the reasons that the market started it come down over the last few weeks was an interpretation of the minutes from the latest fed meeting that were taken as somewhat hawkish which i think was just a matter of a misinterpretation of the fed rather than the fed being hawkish. the fed in december did the most accommodative thing they have ever done. you know, they told us they'll be buying for some amount of time, $85 billion securities every month. and take the -- the balance sheet from the $2.9 trillion that it ended the year at, up, you know, annualized rate of an additional tril
domestic market exclusively, it's a very, very different environment with awkward rent reviews, public sector costs are highly uncompetitive right across costs such as wages. other local authority charges on retailers in particular and those with large industrial premises within the country and we also have a domestic mortgage crisis with the banks. >> now, ryanair shares are under pressure today. you can see they're trading down by better than 2%, in fact, taking the sector down, too. ez-jet is one of the worst performers on the stoxx 600 today. ryanair is roughly flat over the past seven days, so marginally higher from where we were a week ago on the back of those comments. >>> we are going to head out to tokyo as toyota reclaims the crown from gm as the world's biggest carmaker. we'll get the latest from egypt as president morsi declares a month-long state of emergency. dozens of people have been killed over anti-government protests. we'll take a view on equities, too. the dow, as we said, is on pace for its best january since 1989. and, again, for that backdrop, blackrock is report
put that point together with a weak market environment in europe, that does mean margin pinches in europe. and europe, therefore, will be in our view a drag for some years to come. even with a lower oil price than the one you just mentioned. the big positive news about that is the oil and gas arbitrage. the difference between gas prices in the united states and oil price in the rest of the world, for that matter. that arbitrage is as high as it's ever been. that's advantage dow, and we're betting against that advantage by putting $4 billion into texas and louisiana to build against that arbitrage sustaining itself. >> where -- are you hiring, andrew, in the united states? we've got a jobs report out tomorrow and you mentioned that politics has slowed down the hiring for a lot of ceos. >> well, what we're doing is to manage our way through these rocky waters, more than ever we're portfolio managing so we're putting money where there is growth and good returns on capital, like plastics, like the hydro carbons point we just made, like agro sciences. they're we're hiring. on the bus
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